Ferragamo in his native Italy, the two companies said on Monday that Burberry boss Marco Gobbetti is leaving the British fashion brand after more than four years as CEO to take the helm at luxury goods group.
Gobbetti would take up his new position as soon as Ferragamo, famous for shoes worn by Hollywood stars such as Audrey Hepburn.
They will allow him to return to Italy, adding that it will now begin the search for his successor as Burberry earlier said that Gobbetti would be leaving at the end of the year to take up a position.
The FTSE 100 index within minutes of the opening bell and Burberry shares, which have gained more than a third in value since Gobbetti’s too charge, slid 6% to 21.15 pounds.
Gerry Murphy, support the leadership team for an orderly transition and he 62-year-old Italian, who led luxury groups Celine, Givenchy and Moschino before joining Burberry, will work with the London-listed company’s chairman.
Burberry has been shifting further upmarket with more high-end products under Gobbetti.
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